So on day one, these were their initial hypothesis coming into the class.

Instead of pricing based on cost,

So in the last lecture, you remember the business model canvas, all the 9 components of a startup.

By now, you're intimately familiar with the business model canvass.

And in value proposition, the goal of this is to find out that minimum viable product.

That's your job as the facilitator and coach.

Next, they got out of the building again.

Now we finally come to the last part of the business model canvas.

So the answer is for the linked in, there are two sides to this market.

Pricing is kind of the tactics.

What product or service are you building?

They need to understand the external environment and they need to come in.

Male and female and they kind of were closer to 18 30 and they were casual fans.

And if not, just don't give up and say, Well, it didn't.

So in our last lectures we talked about value proposition, customer segments, distribution channels, customer relationships get, keeping and growing customers.

I can't emphasize enough that the business model canvas is just a start.

Who are your key partners and suppliers?

So, while the goal in value prop is to figure out the MVP, yes, we il see later the goal in customer segments is to figure out who and what the archetype of the customer is.

So let's follow our Jersey Square team and see what they did with customer segments.

I mean how do they hear of our products, how do they know about you, and as we'll see later one of the interesting things is there are some customers that are users like in Google

You implicitly had a hypothesis.

As was simulated, the value proposition includes all the features of your product but also the pains and gains you're solving for the customer segment and that's where the market goes.

So let's dive down a level deeper and first focus on what's the jobs needed to be done.

So on day one, these were their initial hypotheses coming into the class.

Is it about time saved? New efficiency created?

We talked about multi sided markets, and we've closed with market type.

There might be a real business here and it's even bigger than we thought because it includes females and so one of the things we pointed out to them is it looked like they had multiple customer segments.

You're all familiar with the business model canvas.

And, if we look at their next rev, the things in red are the changes.

By the time they've gotten to this part in the canvas, they've actually recognized that besides working on channels they actually have two distinct customer segments, sport jersey owners and single game attendees.

And so they got out of the building and again talked to different users or potential users in different locations and now you could see they actually took our advice and segmented the canvas into two separate colors because they thought there were two unique customer segments.

What is it you're building and for who?

In customer relationships all the get keep grow metrics, some of which we talked about, some of which you'll discover, what were the customer acquistion costs?

Now if you remember we started here on the left. We didn't earn and paid media.

Now, what happened is, they got out of the building and this time, after they spoke to a series of customers, they spoke to over 60.

And so now you could kind of see the power of the canvass.

So now they're looking at industrial enzyme manufacturers, their key activities are R amp D, and production support is their next change.

And product market fit just simply says what is the match between what you are building and what customers need and want, and who are those customers.

I wouldn't give up, I would just be going back and looking at the customer segments you are targeting and understand whether you want to build the business or have a hobby.

More than likely we'll make money from royalties and commercial licensing, etc.

And unless you're in an existing market and you happen to know which features the customers have told you are more important.

Because if you think about it, you've been working hard on value prop, and you've been working hard on customer segments and customer acquisition and activation and channel.

So understanding multi sided markets are just understanding which customer segments in a 2 sided market use and which other customer segment placed.

And that can't be repeated enough.

Many companies have huge databases of customer information.